Annual and Sustainability Report 2022
Icelandair Annual and Sustainability Report 2022

Annual and Sustainability
Report 2022

Icelandair at a glance

With Iceland as our hub and home, the heart of our business model is the international route network and the unique location of Iceland which serves as a connecting hub between Europe and North America. We serve four markets – to, from, via and within Iceland – and also run both cargo and aircraft leasing services that complement and further strengthen our core network operations.

A turnaround year

We are back on track after a turnaround year in 2022 with strong performance and a healthy balance sheet. The experience of the past few years has proved the resilience of our business model once more and during this time we have further strengthened our operations and competitiveness.

$ 1.265m


2021: $ 585m



2021: 1.5m

$ 318m

Total liquidity

2021: $ 435m

$ 1.4bn


2021: $ 1.2bn



2021: 41


Freight tonne

2021: 42k


Full time employees

2021: 2,087


Equity ratio

2021: 19%

$ 5.8m

Net loss

2021: $ 105m

46 / 54

Gender ratio

2021: 45 / 55


KgCO2 emissions per OTK

2021: 0.93

$ 186 m

Tax footprint

2021: 126m

Strong foundations for future growth

Continuing to drive the growing tourism market in Iceland that has rebounded strongly from the pandemic

Developing our connecting hub in Keflavik airport further, with our new Boeing 737 MAX aircraft unlocking new opportunities

Building up a freight hub in Keflavik airport, replicating our successful passenger network model

Playing a key role in developing promising tourism markets in the Arctic

About this report

This Annual and Sustainability report includes the Consolidated Financial Statements of the parent company Icelandair Group hf. that have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU. The report also meets Icelandic disclosure requirements. It covers the activities of Icelandair Group for the financial year 1 January to 31 December 2022. The report is intended to provide a holistic view of the Company’s operations and the material sustainability matters relating to environmental and social impacts, as well as governance (ESG). The sustainability information set forth is presented in accordance with Nasdaq's ESG Reporting Guide 2.0 and an ESG data table is included.

Icelandair Group hf. (the "Company" or „Icelandair“) is a public limited liability company incorporated and domiciled in Iceland. Icelandair Group hf. is listed on the Icelandic Stock Exchange (Nasdaq Iceland), and is the holding company, under the ticker symbol ICEAIR - More information is available on the Group's website

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